Wrapped Ethereum is now available on Tezos.The cryptocurrency space just became a little bit more interconnected after developers created a cross-chain bridge between the Ethereum and Tezos blockchains. Following the launch of the Wrap Protocol, created by Bender Labs, Ethereum-based ERC-20 and ERC-721 tokens can be made Tezos-compatible, allowing Ether (ETH) holders to interact with the Tezos ecosystem.
Recent Tezos blockchain stats show transactions worth over $1 million being sent for between $0.01 and $0.15, suggesting a possible immediate use-case for the Wrap Protocol. It faces competition from layer-two protocols already fulfilling this use case for Ethereum users. Tezos CEO Hugo Renaudin said code-based blockchain infrastructure was more favorable to legacy financial systems due to its transparency and immutability .
“We’re building Bender: a self-driving bank for an open financial system because we believe that financial markets should be open, transparent, unstoppable and rely mostly on lines of codes rather than intermediaries,” said Renaudin.